Leases

9 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Leases Operating lease expense amounted to $0.5 million and $1.5 million for the three and nine months period ended for March 31, 2023 and March 31, 2022. For the three and nine months period ended March 31, 2022 operating lease expense was $0.5 million and $2.1 million. As of March 31, 2023, the Company’s right-of-use assets "ROU", lease obligations and remaining cash commitment on these leases (in thousands):


	Right-of-Use Assets	Operating Lease Obligations	Remaining Cash Commitment
Total leases	$5,338	$5,522	$6,534

The Company has other operating lease agreements with commitments of less than one year or that are not material. The Company elected the practical expedient option and as such, these lease payments are expensed as incurred. The Company’s weighted average discount rate and remaining term on lease liabilities is approximately 9.0% and 3.5 years. As of March 31, 2023, the Company’s financing leases are not material. The foreign exchange impact affecting the operating leases are, also, not material.

In the three months and nine months ended March 31, 2023 the Company entered into new leases in the amount of $0.4 million and $1.2 million. During December 2022 the Company renewed its leases in both Australia (ends September 2026) and New Zealand (ends April 2025) and recorded $0.6 million in new leases as ROU assets.

At March 31, 2023, the Company had the following fiscal year minimum operating lease commitments (in thousands):


			Operating Lease Commitments
2023 (Remainder of year)			$573
2024			2,128
2025			1,689
2026			1,335
2027			715
Thereafter			94
Subtotal			$6,534
Imputed interest			(1,012)
Total			5,522